PARIS Samsung Ventures America announced it has invested in French fabless supplier of smartcard chips Inside Contactless SA. Building upon investments from Nokia Growth Partners, Motorola Ventures and institutional investors, this participation brings the total investment in the company to about $42 million.
Inside Contactless (Aix-en-Provence, France) said the funds aim to accelerate its international presence and broaden its product portfolio.
"The participation of the top three global handset manufacturers in this round of funding is a ringing endorsement of Inside’s leadership in the emerging near field communication (NFC) market, and gives us a strategic advantage with the key players in the industry," commented Rémy de Tonnac, CEO of Inside Contactless. "As the NFC market progresses, we are hopeful that these partnerships will prove invaluable in propelling us forward to power the NFC revolution and extend our leadership."
Samsung Ventures America joins Inside Contactless' investor community, which now includes Motorola Ventures, Nokia Growth Partners, HID Global, Sofinnova Partners, Vertex Management, Vertex Ventures, Siparex, GIMV, EuroUS Venture, Granite Global Ventures and Visa Ventures.